GitLab stock falls more than 30% as it misses revenue guidance
Shares in GitLab Inc. plunged in Monday’s extended session after the DevOps software company’s revenue forecast fell short of Wall Street consensus.
Shares fell more than 30% after the close after gaining 0.6% in the regular session to close at $44.60.
The company forecast an adjusted loss of 15 cents to 14 cents per share of sales of $117 to $118 million and an adjusted loss of 29 cents to 24 cents per share of sales of $529 to $533 million for the first quarter for the year.
Analysts polled by FactSet reported a loss of 16 cents per share on revenue of $126.2 million for the fourth quarter and a loss of 53 cents per share on revenue of $586.5 million for the year estimated.
The company reported a loss of $38.7 million, or 26 cents a share, for the fourth quarter, compared to a loss of $45.8 million, or 32 cents a share, in the year-ago period. Adjusted loss, which excludes stock-based compensation expense and other items, was 3 cents per share, compared to 16 cents per share in the year-ago period.
Revenue increased to $122.9 million from $77.8 million in the year-ago quarter.
Analysts had forecast a loss of 14 cents a share on revenue of $119.6 million.
Last quarter, shares of GitLab rallied after the company’s quarterly results and guidance beat Wall Street’s expectations at the time.
GitLab went public in October 2021, with shares priced at $77 apiece.
https://www.marketwatch.com/story/gitlab-stock-drops-more-than-30-as-revenue-forecast-misses-3556687b?siteid=yhoof2&yptr=yahoo GitLab stock falls more than 30% as it misses revenue guidance